Regulating Bitcoin - page 9. | Bitcointalksearch.org

E-conomist

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Quote from: sunnex100 on November 04, 2017, 08:15:56 AM

Cryptocurrency has been widely criticised for lack of regulation. Do you think it is possible to come up with a regulatory framework around Bitcoin?

I believe that a regulatory framework for bitcoin and other crypto-currencies is very needed. Firstly, there is a need for self regulation by the community to ensure the public interest. Such a regulation should include rules for setting the economic incentives that are built into the system, such as setting a "monetary policy" that would minimize speculation and creating a sustainable mining scheme.

richsoon

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Bitcoin is already regulated on the exchange level making it a bit more challenging to launder money than if it were completely unregulated, however there is little authorities can do with smaller sums the same as with cash.

It is however inevitable that they will regulate it on an individual basis soon to avoid too much tax evasion, I think however that will also be done through exchanges rather than up to the individual because its simply too hard to watch over the entire population.

P3

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Quote from: Tantlizbat on November 21, 2017, 04:36:25 AM

Quote from: coin royal on November 04, 2017, 08:36:06 AM

Quote from: sunnex100 on November 04, 2017, 08:15:56 AM

Cryptocurrency has been widely criticised for lack of regulation. Do you think it is possible to come up with a regulatory framework around Bitcoin?

yes i know that currency has been widely criticized because of lack id regulation but we know that bitcoin is that type of currency which people like and invest daily and if we see people all over the world invest in bitcoin only because bitcoin is full of benefits.

Besides the lack of regulations which is commonly criticized by the people I am looking no such impact on the popularity and profitability of bitcoins. People are increasing their investment in bitcoin day by day which is a clear indication of its high profitability and high rates of returns.

The control of bitcoin relies on the trust and prominence of it. I think later on it is feasible for a few nations that the direct the bitcoin yet it will make an effect on the banks of that nation. Since bitcoin is more useful for individuals than banks so individuals will lean toward the bitcoin and banks will affected. While banks are extremely helpful to a nation.

tranquangvinh

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Personally , I think bitcoin does not need a framework to regulate bitcoin. Bitcoin is a virtual currency, born without an organization or a country that governs it, it works freely, no one can control or regulate it. If it is regulated , I think bitcoin is not bitcoin anymore, it will be replaced with a different name or a different currency will replace it.

bajigur894784

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I do not think so,
because Bitcoin itself is not a problem.
on the contrary, Bitcoin managed to solve many problems that interfere with other currency payment systems right now.
This is an important part of the problem with the idea of Bitcoin regulation.
Countries / nations and regulators simply want to control and manage, not to protect users.

shezu007

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the regulation of the bitcoin will also effect the total crypto market because the trade of the bitcoin will be raised more , the senior investor will not hesitate to invest and ,nor making the trade. Due to the illegal people are save their self for not paying the tax to government.

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Quote from: benmartin613 on December 04, 2017, 02:01:48 AM

Quote from: sunnex100 on November 04, 2017, 08:15:56 AM

Cryptocurrency has been widely criticised for lack of regulation. Do you think it is possible to come up with a regulatory framework around Bitcoin?

Nope that wont be possible, if you regulate bitcoin then most users will leave bitcoin and look for another coin that is decentralized.
If there is one coin that is regulated then i dont think it will gain user across the globe.

If you awake, the regulation can be forced for any form of cryptocurrencies and digital currencies it doesn't matter whether you're using invisiblecoin or whatsoever you will be in charge of that regulation and forcefully obeying all these. Otherwise, punishment from the government is waiting, so government is not that stupid to let bitcoin regulated by not all those altcoins.

benmartin613

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Quote from: sunnex100 on November 04, 2017, 08:15:56 AM

Cryptocurrency has been widely criticised for lack of regulation. Do you think it is possible to come up with a regulatory framework around Bitcoin?

Nope that wont be possible, if you regulate bitcoin then most users will leave bitcoin and look for another coin that is decentralized.
If there is one coin that is regulated then i dont think it will gain user across the globe.

gilangIDR

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Quote from: konco_kenthel on December 02, 2017, 10:51:50 AM

Quote from: sunnex100 on November 04, 2017, 08:15:56 AM

Cryptocurrency has been widely criticised for lack of regulation. Do you think it is possible to come up with a regulatory framework around Bitcoin?

indeed bitcoin still need to be in the evaluation of the drawback so that the government should immediately to Act as soon as possible in anticipation of appear various forms loss the Hunter and the main purpose is the benefit of the community with the government of the future.

The government is currently closed to use bitcoin. They do not seem to have an ambition to be able to make the regulation in order to apply bitcoin in the country's financial system. The government is too scared because bitcoin is expected to disrupt the economic system in the country. Whereas if it can be utilized properly then bitcoin can actually be a force to improve the welfare for many citizens.

Dudeperfect

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Quote from: Vaskiy on December 02, 2017, 10:12:11 AM

Quote from: Dudeperfect on December 02, 2017, 08:53:12 AM

Regulation, control and access are the most favoured concepts by the governments so I won't be surprised if I see any guidelines or mandatory instructions to collect and share the KYC details of the users by the government to the domestic exchanges. Governments will try to gain maximum data of the transactions in order to determine the tax liability of the users so regulation will be there in the coming years.

As in the statement, governments will try to gain more access to the each and every user who has been using bitcoin through the data gathered with the KYC norms. Taxation will come into effect, but the same will not let the regulations successful, because the anonymity will not make it go completely under the control of governments.

Exactly and we are already paying taxes for the Bitcoin to fiat or vice versa transactions in our country. As per the current rate, we have to pay 18% tax on the transaction fee in the form of Goods and service tax.

* Unocoin | Fee Structure.

I am talking about one to one transactions through the platform like Localbitcoins but it's applied when we use the exchange to that where our KYC details are registered. Soon government may extend this to one to one transactions too in my opinion.

TTITA

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Quote from: konco_kenthel on December 02, 2017, 10:51:50 AM

Quote from: sunnex100 on November 04, 2017, 08:15:56 AM

Cryptocurrency has been widely criticised for lack of regulation. Do you think it is possible to come up with a regulatory framework around Bitcoin?

indeed bitcoin still need to be in the evaluation of the drawback so that the government should immediately to Act as soon as possible in anticipation of appear various forms loss the Hunter and the main purpose is the benefit of the community with the government of the future.

Still need more evaluation and research.
Regulation bitcoins not need about accepting and adopting it in systems. But how this Bitcoins can give good impact to population in countries. Teaching skeptic people about new technology same as difficult about how to teaching people to using first computer.

konco_kenthel

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Quote from: sunnex100 on November 04, 2017, 08:15:56 AM

Cryptocurrency has been widely criticised for lack of regulation. Do you think it is possible to come up with a regulatory framework around Bitcoin?

indeed bitcoin still need to be in the evaluation of the drawback so that the government should immediately to Act as soon as possible in anticipation of appear various forms loss the Hunter and the main purpose is the benefit of the community with the government of the future.

Edraket31

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Quote from: oyinkansolaberry on December 02, 2017, 09:34:16 AM

coming up with a regulatory frame work will make it not different from fiat money. it also means defeating the original purpose/intention of the originators of the coin. Bitcoin and the other Altcoin were built and designed to be decentralised, free of government intervention & regulation. I don't see any reason why they should deviate from the original plan.

You are right that is why bitcoin has invented as decentralized so we can freely enjoy our investments as well as having our own money without knowing by any person or a bank or government itself, the mission of bitcoin is to expand the earnings of people and also to have an innovation since we don't want hassle in life and we are valuing our time well.

Vaskiy

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Quote from: Dudeperfect on December 02, 2017, 08:53:12 AM

Regulation, control and access are the most favoured concepts by the governments so I won't be surprised if I see any guidelines or mandatory instructions to collect and share the KYC details of the users by the government to the domestic exchanges. Governments will try to gain maximum data of the transactions in order to determine the tax liability of the users so regulation will be there in the coming years.

As in the statement, governments will try to gain more access to the each and every user who has been using bitcoin through the data gathered with the KYC norms. Taxation will come into effect, but the same will not let the regulations successful, because the anonymity will not make it go completely under the control of governments.

Umar001

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Yes, it's very necessary to regulates bitcoin, to bring public public confident, living it open, without regulations may give scammer opportunity to penetrate the system. So idea of regulates bitcoin is welcome development.

oyinkansolaberry

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coming up with a regulatory frame work will make it not different from fiat money. it also means defeating the original purpose/intention of the originators of the coin. Bitcoin and the other Altcoin were built and designed to be decentralised, free of government intervention & regulation. I don't see any reason why they should deviate from the original plan.

lepricoin

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Regulation bitcoin is likely to lead to its decline, because due to its properties, it became popular and demanded. Many countries do not understand this and frighten people involved in bitcoin.

Dudeperfect

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Regulation, control and access are the most favoured concepts by the governments so I won't be surprised if I see any guidelines or mandatory instructions to collect and share the KYC details of the users by the government to the domestic exchanges. Governments will try to gain maximum data of the transactions in order to determine the tax liability of the users so regulation will be there in the coming years.

higherhat

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When it comes to cryptocurrency and regulating it would almost be an impossible task, because the industry and market is really big. How will you be able to successfully regularize a currency that's flexible?

vidprab5

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Quote from: Quidat on November 15, 2017, 03:32:15 PM

Quote from: pinkpanther03 on November 15, 2017, 12:45:43 PM

Quote from: GideonGono on November 04, 2017, 08:42:21 AM

Regulate, yes but control, no. Don't belittle the government's power. Stricter KYCs and right set of laws will be the key to achieve an effective regulation.

Yes, it maybe regulate but bitcoin can never be regulated because it is unregulated that's why government don't have a capacity to manipulate of bitcoin, and that's the good about it.

This is why bitcoin do really have a bad image on most governments because its a decentralized stuff which cant really be controlled or manipulate by them and they cant impose taxes directly thats why they decide to tax on the service which do involve on bitcoin and other cryptocurrencies.

Well I think to regulate bitcoin its very good it can help to bitcoin and as well as its good for countries as well because I believe that once if bitcoin become regulate in countries so tax will be started and those people who don’t trust on bitcoin they will also join bitcoin and bitcoin can become more popular in market so I think it must be regulate.

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